On the surface, that’s not a huge move. But it might be a bit surprising given bankers on the deal said demand for the bond had been strong, leaving about €17 billion of orders unfulfilled.

“It’s not the first time that a massively oversubscribed deal doesn’t perform as well as you might expect,” said Gary Jenkins, a credit analyst at LNG Capital.

Mr. Jenkins said that some investors might have placed orders for more bonds than they actually wanted to ensure they bagged a slice of the deal.

The broader market has moved against the new Greek bond too. Other euro-zone government bond yields, including Spain and Italy, also moved out by similar amounts Friday.

Those hoping to make a fast profit on the back of booming demand for bonds issued by countries in the so-called periphery including Portugal and Ireland might be left disappointed.

“The quick money to be made in peripherals was over some months ago, as this sector had been rallying for more than 18 months,” said David Tan, global head of rates at J.P. Morgan Asset Management.

Greece’s existing 10-year bonds–which rallied by more than quarter of a percentage point after the country announced its new deal–have erased those gains, trading at a yield of 6.23%, Tradeweb data show. They closed Wednesday at about 5.84%, the lowest since before the country’s international bailout in 2010.